THE I NNOVATORS
By: Dave Fabry // Chief Innovation Officer Not Your Grandma’s Hearing Aid
Starkey is changing the hearing aid game, one innovation at a time.
S tarkey was founded in 1967 by Mr. William F. Austin, better known as Bill. It has since grown into one of five (and the only US-based) major hearing aid companies responsible for more than 90% of global hearing aid sales. Based in Eden Prairie, Minnesota, our focus since inception is innovating in the market with patient-focused technology and services. Our purpose – to connect people through better hearing – is driven by our mission to serve our customers better than anybody else. During the past 54 years, we have grown to over 5,000 employees around the world. Hearing Loss as a Global Health Issue The World Health Organization (WHO) estimates that there are approximately 466 million individuals worldwide with a “disabling” degree of hearing loss; this number is estimated to nearly double to 900 million people by 2050. In 2020, however, only 17-19 million hearing aids were sold – worldwide – suggesting that hearing aids are used by less than 5% of those with hearing loss. In the United States, the adoption rate is better. However, in 2020, only one in three individuals with hearing loss use hearing aids. While accessibility and affordability to hearing aids and hearing care are barriers to use, the stigma surrounding hearing loss and hearing aids remains a huge challenge.
16 | The Innovators
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